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119th Congress > House > Vote 418
Clerk session vote number: 58
Sponsor: LUCAS, Frank D. (R-OK)
Description: PROTECT Taiwan Act
Bill summary:
Pressure Regulatory Organizations To End Chinese Threats to Taiwan Act or the PROTECT Taiwan Act
This bill requires certain federal entities to seek to exclude China from six international financial organizations if the President informs Congress that China's actions threaten Taiwan and pose a danger to U.S. interests.
Specifically, the bill establishes that it is U.S. policy to seek to exclude Chinese representatives from participating in the activities of six international organizations if the President informs Congress that China's actions pose any (1) threat to Taiwan's security, economic system, or social system; and (2) danger to U.S. interests.
The six specified organizations are
- the Group of Twenty,
- the Bank for International Settlements,
- the Financial Stability Board,
- the Basel Committee on Banking Supervision,
- the International Association of Insurance Supervisors, and
- the International Organization of Securities Commissions.
In the event that the President so informs Congress, the bill requires the Department of the Treasury, the Federal Reserve, and the Securities and Exchange Commission to take all necessary steps to advance the exclusion policy.
The President may waive the application of this policy to an organization if doing so is in the national interest of the United States.
Bill titles: To direct certain financial regulators to exclude representatives of the People’s Republic of China from certain banking organizations upon notice of certain threats or danger, and for other purposes.; To direct certain financial regulators to exclude representatives of the People's Republic of China from certain banking organizations upon notice of certain threats or danger, and for other purposes.
Links for more info on the vote: congress.gov
